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Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2023
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 1-12291
THE AES CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 54-1163725 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 4300 Wilson Boulevard | |||||||||||
| Arlington, | Virginia | 22203 | |||||||||
| (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code: | (703) | 522-1315 |
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
| Common Stock, par value $0.01 per share | AES | New York Stock Exchange | ||||||
| Corporate Units | AESC | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | Non-accelerated filer | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, on October 31, 2023 was 669,629,035.
The AES Corporation
Form 10-Q for the Quarterly Period ended September 30, 2023
Table of Contents
1 | The AES Corporation | September 30, 2023 Form 10-Q
Glossary of Terms
The following terms and acronyms appear in the text of this report and have the definitions indicated below:
| Adjusted EBITDA | Adjusted earnings before interest income and expense, taxes, depreciation and amortization, a non-GAAP measure of operating performance | ||||
| Adjusted EBITDA with Tax Attributes | Adjusted earnings before interest income and expense, taxes, depreciation and amortization, adding back the pre-tax effect of Production Tax Credits, Investment Tax Credits and depreciation tax expense allocated to tax equity investors, a non-GAAP measure | ||||
| Adjusted EPS | Adjusted Earnings Per Share, a non-GAAP measure | ||||
| Adjusted PTC | Adjusted Pre-tax Contribution, a non-GAAP measure of operating performance | ||||
| AES | The Parent Company and its subsidiaries and affiliates | ||||
| AES Andes | AES Andes S.A., formerly AES Gener | ||||
| AES Brasil | AES Brasil Operações S.A., formerly branded as AES Tietê | ||||
| AES Clean Energy Development | AES Clean Energy Development, LLC | ||||
| AES Indiana | Indianapolis Power & Light Company, formerly branded as IPL. AES Indiana is wholly-owned by IPALCO | ||||
| AES Ohio | The Dayton Power & Light Company, formerly branded as DP&L. AES Ohio is wholly-owned by DPL | ||||
| AES Renewable Holdings | AES Renewable Holdings, LLC, formerly branded as AES Distributed Energy | ||||
| AFUDC | Allowance for Funds Used During Construction | ||||
| AGIC | AES Global Insurance Company, AES’ captive insurance company | ||||
| AOCL | Accumulated Other Comprehensive Loss | ||||
| ASC | Accounting Standards Codification | ||||
| ASU | Accounting Standards Update | ||||
| BESS | Battery Energy Storage System | ||||
| CAA | United States Clean Air Act | ||||
| CCR | Coal Combustion Residuals, which includes bottom ash, fly ash, and air pollution control wastes generated at coal-fired generation plant sites | ||||
| CECL | Current Expected Credit Loss | ||||
| CO2 | Carbon Dioxide | ||||
| CSAPR | Cross-State Air Pollution Rule | ||||
| CWA | U.S. Clean Water Act | ||||
| DG Comp | Directorate-General for Competition | ||||
| DPL | DPL Inc. | ||||
| EBITDA | Earnings before interest income and expense, taxes, depreciation and amortization, a non-GAAP measure of operating performance | ||||
| EPA | United States Environmental Protection Agency | ||||
| EPC | Engineering, Procurement and Construction | ||||
| ESP | Electric Security Plan | ||||
| EU | European Union | ||||
| FASB | Financial Accounting Standards Board | ||||
| Fluence | Fluence Energy, Inc and its subsidiaries, including Fluence Energy, LLC, which was previously our joint venture with Siemens (NASDAQ: FLNC) | ||||
| GAAP | Generally Accepted Accounting Principles in the United States | ||||
| GHG | Greenhouse Gas | ||||
| GILTI | Global Intangible Low Taxed Income | ||||
| GW | Gigawatts | ||||
| GWh | Gigawatt Hours | ||||
| HLBV | Hypothetical Liquidation at Book Value | ||||
| IPALCO | IPALCO Enterprises, Inc. | ||||
| ITC | Investment Tax Credit | ||||
| IURC | Indiana Utility Regulatory Commission | ||||
| LNG | Liquid Natural Gas | ||||
| MMBtu | Million British Thermal Units | ||||
| MW | Megawatts | ||||
| MWh | Megawatt Hours | ||||
| NAAQS | National Ambient Air Quality Standards | ||||
| NCI | Noncontrolling Interest | ||||
| NEK | Natsionalna Elektricheska Kompania (state-owned electricity public supplier in Bulgaria) | ||||
| NM | Not Meaningful | ||||
| NOV | Notice of Violation | ||||
| NOX | Nitrogen Oxide | ||||
| NPDES | National Pollutant Discharge Elimination System | ||||
| Parent Company | The AES Corporation | ||||
| Pet Coke | Petroleum Coke | ||||
| PPA | Power Purchase Agreement | ||||
| PREPA | Puerto Rico Electric Power Authority | ||||
| PUCO | The Public Utilities Commission of Ohio | ||||
| RSU | Restricted Stock Unit | ||||
| SBU | Strategic Business Unit | ||||
| SEC | United States Securities and Exchange Commission | ||||
2 | The AES Corporation | September 30, 2023 Form 10-Q
| SO2 | Sulfur Dioxide | ||||
| TDSIC | Transmission, Distribution, and Storage System Improvement Charge | ||||
| TEG | Termoeléctrica del Golfo, S. de R.L. de C.V. | ||||
| TEP | Termoeléctrica Peñoles, S. de R.L. de C.V. | ||||
| U.S. | United States | ||||
| USD | United States Dollar | ||||
| VIE | Variable Interest Entity | ||||
3 | The AES Corporation | September 30, 2023 Form 10-Q
PART I: FINANCIAL INFORMATION
Next: Item 1. FINANCIAL STATEMENTS